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3 Reasons to Get Pre-Approved Before Buying

Thursday, October 14, 2021   /   by Vyral Marketing

3 Reasons to Get Pre-Approved Before Buying

Here’s why you should get pre-approved before looking at homes.

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Why is it important to get pre-approved before viewing properties? There are three main reasons:

First, you need to know how much you qualify for and can afford. Your lender will tell you how much you qualify for based on a combination of your credit score, income, and debts. How much you can afford solely depends on what fits into your monthly budget for living expenses.

Second, getting pre-approved early will help you identify all of the property’s purchasing costs before growing attached to it. When sellers have multiple buyers interested in their home, they can be pickier with who they allow to walk through it. Many sellers don’t want to allow buyers to walk through their homes without a pre-approval letter or documented proof of funds.

"You need to know how much you qualify for and can afford."

Third, pre-approval helps you know what alternatives you’ll have if you need extra out-of-pocket cash to cover a low appraisal. For example, if you’re planning to put a certain percentage down, but the home appraises for less than the agreed-upon purchase price, is there another loan option that would still allow you to purchase the home but with different terms? This type of information is very helpful to know before you fall in love with a specific home.

If you’re considering buying a home, we’d love to get you started by getting you pre-approved. If you want to begin the process or have any questions, call us or visit our website. We’d be happy to help you.


  buying a home

Elite Results Realty
Rob Hale
1744 S. Val Vista Dr Ste 206
Mesa, AZ 85204
480-845-0048

© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Elite Results Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 15, 2021
© 2021 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Rob Hale - Elite Results Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. October 15, 2021
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